U.S. Senator Cynthia Lummis Unveils Game-Changing Crypto Tax Bill

Hold onto your hats, folks! U.S. Senator Cynthia Lummis just dropped a bombshell with her new cryptocurrency tax legislation proposal. This isn't just any bill—it's a bold move to shake up the U.S. digital asset tax scene!

Lummis, the fearless leader of the Senate Banking Committee's digital assets subcommittee, unleashed this crypto tax beast on July 3, 2025. And guess what? It missed the cut for the One Big Beautiful Bill Act by a whisker, just a day before its debut!

Meanwhile, the Senate has been busy passing OBBB, President Donald Trump's mega tax and policy extravaganza, which is now racing through the final stages of House approval before zooming to the president's desk.

A Digital Asset Tax Revolution

But Lummis isn't backing down. She's thrown her proposal into the ring as a standalone powerhouse. It's set to revamp the Internal Revenue Code of 1986 and shake up how Uncle Sam treats digital assets.

Get ready for some major highlights: a $300 de minimis rule for crypto transactions, no more double taxation nightmares for crypto miners and stakers, and treating crypto like any other financial asset. It's all about fairness and clarity!

The bill also wants to stretch securities lending rules to cover digital assets, making it crystal clear that digital asset lending isn't usually a taxable event. Game-changer, right?

“We can't let outdated tax codes hold back our digital economy,” Lummis declared. “This groundbreaking legislation cuts through the bureaucratic BS, setting common-sense rules that actually work in the real world. And yes, it's fully paid-for!”

Lummis isn't pulling any punches. She's calling out America's “archaic tax policies” for stifling innovation and demanding a change.

“My legislation makes sure Americans can dive into the digital economy without tripping over tax traps,” she added with a grin.

In a bold statement, Lummis threw open the doors for public comments on the bill. She wants to hear from you!

Lummis' crypto tax bill is joining the ranks of other heavyweight digital asset regulation bills in the U.S., like crypto market structure and stablecoin regulation. Keep an eye on the CLARITY and GENIUS Act bills—they're next up on Congress' hit list.

And let's not forget, following Trump's election, Lummis introduced the Bitcoin Act, aiming to set up a BTC strategic reserve for the U.S. The crypto revolution is in full swing!